16.01.2013 - World Bank top economist: 2013 currency war possible, but unlikely

The World Bank's top economist said a global series of tit-for-tat currency devaluations is possible but unlikely this year, despite the organization's forecasts of upward pressure on exchange rates of major commodity exporters.
Kaushik Basu, the World Bank chief economist, said fear of retaliation is likely to prevent a series of competitive devaluations known as a currency war. Expensive yen, Brazilian reais and Australian dollars make those countries' products more expensive in world markets, curbing exports...............................................Full Article: Source